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Brymedia Consortium offers USD900million for Nitel

By on August 11, 2011

Brymedia Consortium is the latest company to make an offer for state-owned fixed line incumbent Nigeria Telecommunications (NITEL), after the most recent attempt to sell the ailing telco was cancelled earlier this year. One of the initial bidders for NITEL, Brymedia came third during the bidding process for the telco in February 2010, offering USD551 million for a 75% stake in NITEL (excluding itsCDMA network) and its mobile arm M-Tel. The consortium has now offered to pay USD900 million to acquire the telco, and – if successful in its bid – has pledged to put NITEL back on its feet within 18 months.